Kinombe Runyinya Group
Immaculate started the business in 2002 with a small amount of capital obtained from her savings while working as a full-time teacher in one of the prominent schools in Rukungiri. She has been able to carry out this business with the help of financial assistance from different financial institutions. She then joined UGAFODE Micro-finance Limited (MDI) under the group lending scheme in Kinombe – Runyinya Group.
With this loan she is intending to improve her bar business and plans to improve sales and increase family income.
Immaculate thanks UGAFODE Micro-finance Limited (MDI) for advancing loans to the low income earners like her.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid